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    • cathy57
    • By cathy57 9th Oct 17, 3:23 PM
    • 54Posts
    • 14Thanks
    cathy57
    Full & Final Settlement Advice
    • #1
    • 9th Oct 17, 3:23 PM
    Full & Final Settlement Advice 9th Oct 17 at 3:23 PM
    Hi all,

    About 7 months ago,I made a full & final settlement offer to Wescot Credit for a credit card debt I had for years.They never got back to me.Then,I received a letter from Cabot Financial informing me they had taken over the debt.They wanted to know how I was going to repay the debt and I told them over the phone I could make them a full & final settlement offer.They refused it straight away,offering only 10% off the debt,which I declined.
    Then,I decided to repeat my offer in writing (by email) and to my surprise it was accepted.
    Their reply was :
    "I can confirm that I am able to accept a final payment amount of £2,000 in settlement of the account.

    Please be advised that payment can be made via the following link https://www.cabotfinancial.co.uk/payment/validate.

    Before I am able to submit a settlement arrangement and provide your with written confirmation of acceptance, I respectfully request you also confirm the source of funds, your chosen payment date and please confirm if all your priority bills (gas, water, electric, council tax, rent or mortgage) are up to date.

    Alternatively you could call us on 0345 070 2615 so that the above can be discussed directly with you."

    I tried to call this morning but then decided to email the answers to their queries and that was their reply :
    "I have reviewed your account this morning and can see you may have tried to contact us. Unfortunately It seems we were unable to contact you back so I would like to assist where possible.

    I recently sent you an email in response to final payment and settlement of your account on the 6th October please confirm if you were calling in response to this email.

    I am currently unable to submit a repayment plan for the amount agreed of £2,000.00, can you also confirm when you intend to make the payment and I will submit the plan accordingly.

    I trust this is of assistance and that my previous email was sufficient in line with your request."

    I am a bit confused with the content of this email.Have they or not accepted the offer ?Could someone clarify please ?

    Many thanks.
Page 1
    • cathy57
    • By cathy57 9th Oct 17, 3:34 PM
    • 54 Posts
    • 14 Thanks
    cathy57
    • #2
    • 9th Oct 17, 3:34 PM
    • #2
    • 9th Oct 17, 3:34 PM
    Hi all,

    After just having sent my previous post,I have just received this from Cabot :

    "Thank you for your recent email.
    I can confirm that a settlement is now in place on your account for £2,000.00, payment to be received no later than 13th October 2017 .

    I have sent a letter to your postal address confirming the settlement.

    Please be advised that payment can be made via the following link https://www.cabotfinancial.co.uk/payment/validate.

    I trust that this is sufficient for your records and look forward to receiving your payment."

    Could someone please confirm that it is now fine and that I can make the payment to Cabot.
    Many thanks.
    • StopIt
    • By StopIt 9th Oct 17, 3:47 PM
    • 1,449 Posts
    • 1,239 Thanks
    StopIt
    • #3
    • 9th Oct 17, 3:47 PM
    • #3
    • 9th Oct 17, 3:47 PM
    No, wait for the letter confirming the payment will settle the account, and that they will mark your credit files if required as partially settled and they will not pursue, or sell on the remaining debt.


    Never settle any debts without that confirmation in writing.


    https://debtcamel.co.uk/debt-options/less-common/full-final/


    Read this in full, and make sure the letter Cabot sends addresses the required points in reference to not selling the debt etc.
    • sourcrates
    • By sourcrates 9th Oct 17, 4:57 PM
    • 12,671 Posts
    • 12,005 Thanks
    sourcrates
    • #4
    • 9th Oct 17, 4:57 PM
    • #4
    • 9th Oct 17, 4:57 PM
    Yes definitely wait until you have read the letter in full, and it is acceptable.

    Then, and only then, release the funds to them.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • cathy57
    • By cathy57 9th Oct 17, 6:08 PM
    • 54 Posts
    • 14 Thanks
    cathy57
    • #5
    • 9th Oct 17, 6:08 PM
    • #5
    • 9th Oct 17, 6:08 PM
    Thank you very much for your reply.I will follow your advice and wait for the letter.Thanks.
    • cathy57
    • By cathy57 13th Oct 17, 2:30 PM
    • 54 Posts
    • 14 Thanks
    cathy57
    • #6
    • 13th Oct 17, 2:30 PM
    • #6
    • 13th Oct 17, 2:30 PM
    Hi all,

    This is the letter I received today from Cabot :
    TERMS OF THIS ARRANGEMENT :
    "We are pleased to confirm that we will accept £2000 to clear your account,providing that we receive the payment by the 13 October (which is today).
    Once you have made this payment we will send you a letter to confirm your account has been cleared.
    Where your account is reported to the Credit Reference Agencies and a discount has been applied,we will update your record as "Partially Settled" with a 'nil' balance outstanding.This will indicate that the account has been cleared but with a lesser amount than the balance owed.Where the full balance is paid,the record will be updated as 'Satisfied',indicating that the full balance has been cleared."

    IF YOU NEED US :
    "Many of our customers have already taken advantage of clearing their accounts through a reduced payment and it's great we have found a solution for you too.
    We look forward to receiving your payment"

    I am a bit confused here with the terms of the arrangement.
    Could someone let me know if this is acceptable ? Or can they still aske me for the balance ?
    Many thanks,
    • StopIt
    • By StopIt 13th Oct 17, 2:36 PM
    • 1,449 Posts
    • 1,239 Thanks
    StopIt
    • #7
    • 13th Oct 17, 2:36 PM
    • #7
    • 13th Oct 17, 2:36 PM
    Does it state anywhere that they will no longer pursue you for the debt after this, nor sell it on?


    If not, ask for clarification that this will not happen. otherwise the wording is correct in regards to how they mark this on your credit files.


    Edit: Don't worry about their totally made up "deadline", make sure the agreement is watertight first. We've seen a case of a sold on "settled" debt this week on here.
    • cathy57
    • By cathy57 13th Oct 17, 3:21 PM
    • 54 Posts
    • 14 Thanks
    cathy57
    • #8
    • 13th Oct 17, 3:21 PM
    • #8
    • 13th Oct 17, 3:21 PM
    Thank you for your reply.It does not state anywhere that they will no longer pursue the debt.I will email them now asking for confirmation that they won't.
    Hopefully,they will reply soon.
    Thanks again.
    • sourcrates
    • By sourcrates 13th Oct 17, 4:18 PM
    • 12,671 Posts
    • 12,005 Thanks
    sourcrates
    • #9
    • 13th Oct 17, 4:18 PM
    • #9
    • 13th Oct 17, 4:18 PM
    Once you have made this payment we will send you a letter to confirm your account has been cleared.

    ,we will update your record as "Partially Settled" with a 'nil' balance outstanding.This will indicate that the account has been cleared but with a lesser amount than the balance owed.

    Where the full balance is paid,the record will be updated as 'Satisfied',indicating that the full balance has been cleared."

    ,
    Originally posted by cathy57
    This should actually be sufficient, as they cant sell on a zero balance can they.

    However, now you've asked for clarification, you may as well wait.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
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